ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has facilitated the mutual funds industry by prescribing a comprehensive process for mergers of open end mutual funds vide a Circular dated 23rd June, 2009 (Circular is available on www.secp.gov.pk). The process has been introduced to ensure the fair and transparent procedure of mergers for the protection of investors with an aim to foster growth of a robust financial sector in Pakistan. The requirements for merger of open end mutual funds include approval by the respective board of directors of fund manager, consent by trustee of mutual fund and unit holders’ approval representing at least three fourth in value of the total outstanding units. In order to promote transparency in the merger process, SECP has required fund managers to convene meetings of unit holders after public notice and has also obligated the trustee to participate in such meetings. As part of the merger process, fund managers are required to disclo...

KARACHI: Fresh buying at Karachi Stock Exchange (KSE) Thursday raised stock prices as the benchmark KSE-100 Index gained 103 points to close at 7,128. The share market opened downbeat but institutional buying later switched the market into positive mode and the Index succeeded in breaching the 7,100 level. The investors looked particularly interested cement and banking scrip’s. Today’s trade volume stood strong at 14.3 million shares. OGDC was today’s volume leader which advanced by Rs2.25 to close at Rs78.25. KSE-30 Index surged by 123 points to finish the day at 7,573.

KARACHI: The benchmark KSE-100 Index of Karachi Stock Exchange Wednesday managed to stay above 7000 level as it finished 25 points up to 7,025. The stock market was volatile and kept see-sawing during the session. However, buying from government institutions in banking and energy stocks supported the Index which closed in the positive territory. The trade volume was recorded at 100 million. JSE Growth Fund led the volume leaders which gained paisas 11 to close at Rs3.80. KSE-30 Index increased by 16 points to close at 7,450.

ISLAMABAD: Finance Advisor Shaukat Tarin said taxes are mandatory for country’s progress and it is not possible to give tax exemption in every sector. Tarin during a meeting with Karachi Stock Exchange board members said serious efforts are underway to broaden tax net and there is lot of room to increase tax net in services sector. On the other hand, sources told Geo News that budget proposals for next fiscal year and 16 percent federal excise duty on brokers were also came under discussion.

Range-bound activities dominated the trading session at the Karachi stock market on the first trading day of the week Monday, but the market managed to close in the green zone. Analysts said despite strong opening, the market failed to sustain its fast pace during later part of the trading session. The Karachi Stock Exchange (KSE) 100-share index gained a modest 17.53 points or 0.25 percent to close at 7,057.26 points as compared to 7,039.73 points of the previous trading week. The KSE 30share index also gained 31.05 points and closed at 7,479.08 points as compared with 7,448.03 points. However, the KMI 30 index also lost 5.13 points to close at 10,535.55 points as against 10,540.68 points. The day’s trading was marked by yet another low volume. The market turnover increased by 1.49 percent and traded 98.40 million shares as compared to previous session’s 96.95 million shares. The overall market capitalisation gained 0.14 percent to close at Rs 2.091 trillion as compared with Rs 2.088 ...

By Nasir Dehlvi Equity market witnessed bearish trend last week. Post budget rally forced investors for making short term strategy and find ways not to remain in the sidelines. However, market participants enjoyed a bullish sentiment on Wednesday when the benchmark KSE 100 index gained 202.97 points. The masters pointed out some positive news regarding US aid of $7.5 billion, a pundit said. The holdings are in the safe houses as previously indicated by this scribe so the market was running in smooth way. There were no sudden changes that could be expected, the pundit added. The budget failed to attract investors, as clarifications from various sources during the week were unable to draw them to the market, an analyst said. Jahangir Siddiqi and Co, DG Khan Cement, Lucky Cement, Arif Habib Securities Ltd and MCB were the volume leaders of the week, cumulatively accounting for 31 percent of the total volumes, the analyst added. The bench mark KSE 100 index shed 16.58 points and closed at...

KARACHI: The benchmark KSE-100 Index at Karachi Stock Exchange (KSE) dipped by 12 points to close at 7,039 on Friday. The stock market began its today’s journey in green territory but later selling in cement and banking scrip’s eroded the early hour gains and the major Index closed in the red zone. The market turnover stood at 90 million shares today. OGDC was today’s star performer in terms of volume which gained paisa’s 60 to close at Rs74.90. KSE-30 Index finished the day 42 points down to 7,450. Invitation for membership: Meanwhile, Karachi Stock Exchange (KSE) has invited bids for the purchase of membership rights of the exchange from eligible individuals, corporate bodies, and financial institutions and banks (both local and foreign). According to KSE here Friday, the bids can be sent to KSE by July 3, 2009. According to sources, KSE has plan to expand its membership to broaden the base of the premier stock exchange of the country.